WATER ACT 1989 - SECT 127 Commercial ventures

WATER ACT 1989 - SECT 127

    (1)     An Authority may, with the approval of the Minister—

S. 127(1)(a) amended by No. 50/1992 s. 5(a).

        (a)     form or participate in the formation of a corporation, trust, partnership or other body; or

        (b)     subscribe for or otherwise acquire, and hold and dispose of, shares in or debentures or other securities of a corporation; or

        (c)     become a member of a company limited by guarantee; or

        (d)     subscribe for or otherwise acquire, and hold and dispose of, units in a trust; or

        (e)     acquire, and hold and dispose of, an interest in a partnership or other body; or

        (f)     carry on or engage in any business transaction (whether within or outside the State) which is capable of being conducted so as directly or indirectly to benefit the Authority; or

        (g)     enter into partnership or into any arrangement for sharing of profits, union of interest, co-operation, joint venture, reciprocal concession or otherwise, with any person carrying on or engaged in, or about to carry on or engage in, any business or transaction (whether within or outside the State) which is capable of being conducted so as directly or indirectly to benefit the Authority.

    (2)     An Authority must include in its annual report a report of—

S. 127(2)(a) amended by No. 50/1992 s. 5(b).

        (a)     the activities of any body formed by or in the formation of which the Authority participates under subsection (1)(a); and

        (b)     any business transaction carried on or engaged in by the Authority under subsection (1)(f); and

        (c)     the activities carried out by any partnership or under any arrangement entered into by the Authority under subsection (1)(g).